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Article
Publication date: 6 September 2011

Khaliq Ahmad and O.K. Ogunsola

The main purpose of the present paper is to document some Islamic leadership principles of management. The paper equally examines the leadership function as adopted by…

Abstract

Purpose

The main purpose of the present paper is to document some Islamic leadership principles of management. The paper equally examines the leadership function as adopted by academic administrators within the International Islamic University, Malaysia vis‐à‐vis Islamic principles of management. The whole process is an attempt to conduct an empirical study of the important role of excellent leadership from an Islamic perspective.

Design/methodology/approach

A combination of revealed sources of knowledge (the Quran and Sunnah) and literature reviews were used to document Islamic leadership principles. Then, a questionnaire‐based survey was used to examine the Islamic leadership principles, approaches, and sources of leadership principles adopted in the university. Use of the scale of statistical measurement was done to test the significance and reliability level.

Findings

It was found that academic administrators were imbued with Islamic leadership principles. The research also showed that servant‐leadership approach is preferably used in conjunction with alternative transactional and transformational styles, while the revealed sources of knowledge (Quran and Sunnah) were given the highest priority as sources of developing leadership principles.

Research limitations/implications

Islamic management is a diverse field. This study is, however, limited to Islamic leadership principles in an organization. Perhaps, this study will be little known to adherents of the conventional management principles, which may stimulate further thinking and debate on the crossing point between Islam and the management of an organization.

Originality/value

It is aimed at providing some knowledge of Islamic philosophy and practice in order to help today's employers and employees carry on everyday activities imbued with Islamic values and cultures.

Details

International Journal of Commerce and Management, vol. 21 no. 3
Type: Research Article
ISSN: 1056-9219

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Article
Publication date: 1 February 1989

Masudul Alam Choudhury

A view of Islam as a comprehensive way of life for its adherents ispresented. The spiritual and ethical reconstruction of individuals,societies and the world order are…

Abstract

A view of Islam as a comprehensive way of life for its adherents is presented. The spiritual and ethical reconstruction of individuals, societies and the world order are given in a socio‐economic framework. The principles of Islam and brotherhood, with reference to the Quran, are explained in some detail.

Details

International Journal of Social Economics, vol. 16 no. 2
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 18 July 2019

Syed Asim Ali Bukhari, Fathyah Hashim, Azlan Bin Amran and Kalim Hyder

Currently, one of the most important dilemmas facing mankind is environmental degradation and natural resource shortage. The adoption of Green Banking practices has been…

Abstract

Purpose

Currently, one of the most important dilemmas facing mankind is environmental degradation and natural resource shortage. The adoption of Green Banking practices has been identified as a solution to the growing environmental problems all over the world. However, an important issue being faced by both the conventional and Islamic banking industry is the creation of stakeholder engagement in Green Banking practices. The purpose of this paper is to propose the use of Islamic principles in developing an emotional attachment between Green Banking practices and the Muslim consumer market to facilitate Green Banking adoption.

Design/methodology/approach

Based on the theory of self-congruity, the authors have proposed a framework to analyze the congruity between Islamic principles and Green Banking. The argument is built on secondary data by identifying the Environmental, Social and Governance (ESG) dimensions of Green Banking and proving its congruence with teachings of the Holy Qur’an and Sunnah.

Findings

It is observed that the doctrine of Islam established for mankind 1,400 years ago consists of the same principles that are now being implemented in the shape of Green Banking. The dimensions of Green Banking are in line with Islamic teachings and, thus, can easily be adopted and marketed by banks, especially Islamic banks, targeting the Muslim consumers. The congruence of Green Banking with Islamic principles can play a major role in fostering the growth of this imperative ideology for the Green Muslim consumers. Islamic banks can market green products and services on the basis of religious congruity to the Muslim consumer market and create greater acceptability and loyalty.

Research limitations/implications

The proposed model has not been empirically tested.

Originality/value

Limited research exists in the area of Green Banking adoption, especially in Muslim countries. Up until now, academic research has not been conducted on the congruity between the principles of Islam and Green Banking dimensions. This paper attempts to add to the unsaturated research area of Green Banking adoption by Islamic banks and how Islamic banks can gain a competitive advantage by building on the congruity between Green Banking and Islam.

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Article
Publication date: 2 December 2019

Muhammad Hanif

The purpose of this paper is to present an analysis of current practices of Islamic mortgages in the light of the principles of Islamic financial system, to document…

Abstract

Purpose

The purpose of this paper is to present an analysis of current practices of Islamic mortgages in the light of the principles of Islamic financial system, to document divergences – if any. A subsidiary goal is to develop an Islamic Mortgage Model (IMM) based on Musharakah principles.

Design/methodology/approach

The author documents theoretical underpinnings of risk-return sharing from the Shari’ah perspective. A comparative study of conventional and Islamic mortgages is completed; existing practice of Islamic mortgages analyzed in the light of Musharakah principles and divergences identified. IMM is developed after taking divergences and Musharakah principles into considerations. A housing case is used to highlight differences (in financial terms) under multiple methods and scenarios.

Findings

Study documents multiple divergences from Musharakah principles in the existing practice of Islamic mortgages including ignorance of market pricing in the negotiation of rentals and trading of equity units, and transfer of all ownership risks and rewards (vacancy, damage, destruction and market) to one partner (i.e. customer). Practice is divergent from principles in the area of economic substance. Modified IMM is developed by taking into account Musharakah principles; and differences highlighted by calculating financial figures – to determine financial rights and liabilities of the parties.

Practical implications

Divergence from the principles of risk-return sharing leads to failure in the achievement of Islamic finance objective of equitable distribution of wealth. Moreover, protection of capital for financier reduces the market abilities to achieve financial stability by matching credit expansion with the rise in the real economy. Shari’ah boards and regulators, as well as, management of Islamic banking industry are expected to incorporate proposed changes in-practice for the realization of Islamic finance objectives.

Originality/value

This study contributes to Islamic finance literature in the area of risk-return sharing. Based on important objectives of Islamic finance – equitable distribution of wealth and financial stability – divergences identified and a modified IMM in the light of Musharakah principles is presented. Descriptive rules are transformed into financial figures to document financial rights and liabilities of the concerned parties.

Details

International Journal of Emerging Markets, vol. 14 no. 5
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 1 June 1990

Masudul Alam Choudhury

A comparative and critical examination of the methodology, goalsand history of development of the field of Western social sciences inIslamic perspectives is presented…

Abstract

A comparative and critical examination of the methodology, goals and history of development of the field of Western social sciences in Islamic perspectives is presented. Economics is treated as a parallel case study in this respect. It is shown that the field of Western social sciences was the outcome of the revolt against the Church in the eighteenth century by the scholastic school to sever science from religion. Ever since, it has gained momentum also under the Cartesian philosophy of empiricism. Thus, the age‐long advance of the social sciences has shown increasing independence within each of its sub‐disciplines. An inward looking hegemony developed among the various sub‐disciplines. Such developments have made it increasingly difficult for the treatment of ethics and values as integrable elements in social investigation. The essence of a human analysis of social problems is thereby, misunderstood in modern social science analysis. The philosophy, nature and methodology of social investigation in Islamic framework are examined. It is argued that the Western concern with dichotomy between science and religion is not applicable to Islam. Consequently, there is a good possibility for studying social problems by an integrated approach among all the sub‐disciplines of the social sciences. This gives rise to an interdisciplinary study of social issues and problems and the development of a generalised social equilibrium system in the Islamic framework. We have developed one such comprehensive model endowed by its intrinsic Islamic ethics and values emanating fundamentally from the dynamic Quranic essence of the Unity of God in the working of the universe, “Al‐Tawhid”. The key principles and instruments are developed. The central role of the “shura” in functionally endowing the integrated study of social issues, is studied. In this context, the study of Islamic economics as one of Islamic political economy is examined. A specific economic problem in this area is explored. It is concluded that the approach of the Islamic social investigation and of Islamic political economy is what the future generation of social and economic thinkers will be working towards.

Details

International Journal of Social Economics, vol. 17 no. 6
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 23 May 2008

Reza Djojosugito

The purpose of this paper is to outline the principles of and legal risk faced by Islamic banking and suggest necessary steps to mitigate them.

Abstract

Purpose

The purpose of this paper is to outline the principles of and legal risk faced by Islamic banking and suggest necessary steps to mitigate them.

Design/methodology/approach

The paper examines ideal concept of Islamic banking and its practice. A range of publication is used, however the bulk of it concerns existing practices to provide practical insight on the subject rather than theoretical discourse. The paper is sorted into sections: Introduction, Islamic banking system, existing practices, legal risk and proposed reform.

Findings

Islamic banks face risks stemming from legal structure chosen due to the differences between principles of Shariah and law. While compliance to Shariah is paramount for Islamic banks, the law governing Islamic banking transactions may not necessarily give any consideration to Shariah. The paper elaborates legal risk exposed to parties to Islamic banking transactions encompassing the issues of the capacity of the parties to enter into a contract and its enforceability, uncertainty in laws, regulations, and legal actions pertaining to Shariah; as well as the legality of Islamic financial instruments.

Research limitations/implications

The paper reviews relevant laws and regulations related to Islamic banking, however no specific reference to any particular jurisdiction.

Practical implications

This paper is a source of information for those in the Islamic banking industry without legal background or lawyer new to it.

Originality/value

This paper touches upon a new area, the legal risk due to the divergence between the principle of Shariah and law. It offers practical insight into the legal aspect of Islamic banking operations.

Details

Humanomics, vol. 24 no. 2
Type: Research Article
ISSN: 0828-8666

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Article
Publication date: 21 September 2010

Mohamed Branine and David Pollard

The purpose of this paper is to explore the nature and contents of Islamic management practices and their consequent implications for human resource management (HRM) in…

Abstract

Purpose

The purpose of this paper is to explore the nature and contents of Islamic management practices and their consequent implications for human resource management (HRM) in Arab countries. In addition, it aims to examine the implications for multinational companies (MNCs) operating in Islamic countries and the impact of globalisation before proceeding to an analysis of managerial problems in Arab countries and the need for understanding Islamic management principles by Arab (national) and international managers.

Design/methodology/approach

The paper takes the form of a qualitative approach based on an extensive review of relevant literature and the employment of examples from selected Arab countries.

Findings

The study reveals that a gap exists between the theory of Islamic management and the practice of management in Arab countries. Management in Arab countries is informed and heavily influenced by non‐Islamic traditional and national cultural values and norms of different countries and by Western management thinking rather than Islamic principles derived from the Holy Quran (words of God) and the Hadith (words of the Prophet Mohamed).

Research limitations/implications

The paper argues that one of the main reasons for the lack of progress in most Arab and Islamic countries is the mismatch between global integration and local responsiveness because of an excess forward diffusion of Western management and business practices with little understanding and, hence, the implementation of Islamic management principles by both local and international managers in Arab countries. It adopts the view that there is a gap between the knowledge possessed by national and international managers in order to manage locally and what is required from the local workforce to be managed effectively. The main limitation of this study is the lack of empirical research evidence to support the points deducted from this review of literature.

Practical implications

Understanding Islamic management principles could help to develop a more appropriate type of management best practice in Arab and Islamic countries while still benefiting from the transfer of relevant Western management techniques and Western technology. The paper also argues that a reverse diffusion of management knowledge and skills by managers of MNCs is very important for the effective management of human resources in host countries. National cultural contexts and different views of work values have made a major impact on the ability of firms to address HRM issues in different cultural settings.

Originality/value

The paper contributes to the comparatively sparse literature on Islamic management and its applications by identifying key issues for HRM implementation and in developing Western understanding of Islamic management systems.

Details

Personnel Review, vol. 39 no. 6
Type: Research Article
ISSN: 0048-3486

Keywords

Content available
Article
Publication date: 30 May 2019

Salman Bahoo, M. Kabir Hassan, Andrea Paltrinieri and Ashraf Khan

The purpose of this paper is to propose a model of the Islamic sovereign wealth funds (ISWFs) based on Islamic finance principles to modify the precarious image of SWFs…

Abstract

Purpose

The purpose of this paper is to propose a model of the Islamic sovereign wealth funds (ISWFs) based on Islamic finance principles to modify the precarious image of SWFs from Muslim countries. The Shariah laws are the cardinal direction for this study.

Design/methodology/approach

The authors applied a qualitative research technique that consists of three approaches: exploratory case study approach to critically examine and rank the existing status of SWFs; descriptive analysis; and content analysis to present a model of ISWFs in comparison of conventional SWFs.

Findings

The authors propose a model of the “Islamic Sovereign Wealth Funds” based on four key pillars: the major Shariah principles; the Islamic corporate governance framework; the Islamic transparency and disclosure framework; and the Islamic corporate social responsibility framework. Furthermore, the authors argue that the potential effect of the ISWFs on Islamic finance and economy will be positive.

Research limitations/implications

The model is an initial work and idea to convert SWFs from Muslim countries into ISWFs, which required an in-depth policy review by governments.

Practical implications

The findings of the paper are useful for policymakers and governments of the Muslim countries to overcome the issues and criticism on SWFs by converting them in ISWFs.

Originality/value

This paper contributes to the literature related to Islamic finance and sovereign wealth fund by presenting a first model of ISWFs for Muslim countries.

Details

Islamic Economic Studies, vol. 27 no. 1
Type: Research Article
ISSN: 1319-1616

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Article
Publication date: 1 March 1992

Masudul Alam Choudhury and Mohammad Akram Nadwi

This paper addresses three interrelated objectives. The approach is philosophical and comparative. As far as possible the Islamic arguments of the paper are derived from the Quran.

Abstract

This paper addresses three interrelated objectives. The approach is philosophical and comparative. As far as possible the Islamic arguments of the paper are derived from the Quran.

Details

Humanomics, vol. 8 no. 3
Type: Research Article
ISSN: 0828-8666

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Article
Publication date: 1 June 2009

Maria Bhatti and Ishaq Bhatti

This paper is an attempt to present legal issues of Islamic corporate governance (ICG) in the presence of global financial crises. It presents ICG model and discusses its…

Abstract

This paper is an attempt to present legal issues of Islamic corporate governance (ICG) in the presence of global financial crises. It presents ICG model and discusses its viability in today’s corporate structure. The model is based on institution of Hisbah which demands book keeping, disclosure, transparency based on Shariah principles of Islamic Finance Ethics.

Details

Journal of Economic and Administrative Sciences, vol. 25 no. 1
Type: Research Article
ISSN: 1026-4116

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